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Sunrise Student Loan Services Failed Consumers

sedona times / September 3, 2014 / No Comment

Sedona AZ (September 3, 2014) – Hopeful about the opportunity to consolidate student loans and reduce monthly payments, many consumers reportedly paid a Phoenix-based company hundreds of dollars only to experience failed promises.

Better Business Bureau Serving Central, Northern and Western Arizona (BBB) has received 27 complaints and five negative customer reviews about Sunrise Student Loan Services in the last 12 months. Complainants allege Sunrise Student Loan Services charges an upfront fee ranging from $299 to $499 to consolidate Federal Aid loans. However, after paying the fee, consumers say the company does not follow through with the consolidation and may not be working with the Department of Education as promised. Additionally, consumers report difficulty reaching the company to discuss the status of their consolidation.

As of September 3, 2014, Sunrise Student Loan Services has not resolved the pattern of complaints involving advertising, billing, refund, contract and customer service issues. Sunrise Student Loan Services has not responded to complaints since April 2014 and currently has an “F” rating with BBB.

BBB advises consumers to be cautious when looking to consolidate student loans:

Do your homework. Before deciding on a particular company, do your research first. Visit bbb.org to view the company’s BBB Business Review before providing personal information that could put you at risk of identity theft.

Know the facts. Federal student loans can only be consolidated through the Federal Direct Consolidation Program, which is free. While it is not illegal for companies to offer student loan consolidation services for a fee, know you can submit the application in 20 minutes for no charge.

Understand the terms and conditions. Be familiar with the terms and conditions the company has to offer. Make sure the consolidation company doesn’t move you into a private student loan with terms that could be more burdensome than the original loan.

To read BBB’s complaints and customer reviews for Sunrise Student Loan Services, visit arizonabbb.org.